Mansions: What you can buy for about $5 million

This ski-in, ski-out town home in Aspen, Colo., features four bedrooms, four bathrooms and 4,633 square feet. It has an extra-large patio off the master bedroom, and a large deck off the living room spirals down to the slope and private hot tub. Listing price is $4.95 million. Agent: Robert Goldstein, of Joshua & Co. Joshua & Co.

Living room of a ski-in, ski-out town home in Aspen, Colo. The house features four bedrooms, four bathrooms and 4,633 square feet. It has an extra-large patio off the master bedroom, and a large deck off the living room spirals down to the slope and private hot tub. Listing price is $4.95 million. Agent: Robert Goldstein, of Joshua & Co. Joshua & Co.

This Chicago home on the city’s prestigious Hudson Avenue is on the market for $5.2 million. The house, built in 1881, has 8,000 square feet of space. Emily Sachs Wong at @Properties has the listing. @Properties

This Chicago home on the city’s prestigious Hudson Avenue is on the market for $5.2 million. The house, built in 1881, has 8,000 square feet of space. Emily Sachs Wong at @Properties has the listing. @Properties

This urban three-story home in San Francisco’s Noe Valley is on the market for $5.1 million. It has four bedrooms. Sue Schultes and Mike Murphy of
Paragon Real Estate have the listing. Paragon Real Estate

A Paradise Valley estate complete with a theater, library and air conditioned four-car garage is on the market for $5.5 million. Walt Danley and Karen Pratte of Walt Danley Realty have the listing. Walt Danley Realty

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Luxury home sales were on the rise in June, bucking the overall slowing trend in metro Phoenix. What can $5 million buy in various sites around the country?

A Paradise Valley estate complete with a theater, library and air conditioned four-car garage is on the market for $5.5 million. Walt Danley and Karen Pratte of Walt Danley Realty have the listing.
(Photo:
Walt Danley Realty
)

Story Highlights

Luxury home sales are on the rise in metro Phoenix.

Among the reasons: Jumbo mortgages are available again at better rates, and buyers can get a lot for their money here compared with other resort destinations.

One million dollars doesn't go as far as it used to when it comes to buying a high-end house, particularly in San Francisco, where the median home sale price just climbed into the seven digits.

But at Arizona's most exclusive address, Paradise Valley, a $5 million home certainly isn't a fixer upper. Currently listed for $5.5 million, one house features an almost 11,000-square-foot estate with four bedroom/bathroom suites, not just the usual master suite. The guesthouse is more than 900 square feet, bigger than most Valley apartments.

The house, near Mockingbird Drive and Scottsdale Road, has a library that's completely paneled with a fine wood, a master bathroom that looks like one at a top spa, and a resort-quality pool area.

And there definitely are more houses on the market for $5 million and above in Paradise Valley and Scottsdale than a decade ago.

In San Francisco, a $5 million home isn't one of the area's big mansions in Pacific Heights. On the market now for that price is a three-story, modern house with about 4,000 square feet of space in the city's Noe Valley area.

In Los Angeles, a buyer can get a great view for $5 million, but it probably won't be in Beverly Hills or the exclusive parts of Manhattan Beach. Now, there's a 3,000-square-foot home in the hills above Sunset Strip listed for $5.2 million.

Spending $5 million in New York can get a buyer a two-bedroom condominium on the first floor of a brownstone in the city's Gramercy Park neighborhood.

In Aspen, Colo., a buyer can get a ski-in, ski-out townhome with views of Buttermilk Mountain for about $4.9 million.

In Dallas, where home prices are more reasonable, an almost 11,000-square-foot estate in the Old Preston Hollow neighborhood is listed for $4.99 million.

Walt Danley's firm worked with other luxury agents across the country to pull together the $5 million comparison.

Danley was recently ranked as the No. 1-selling real-estate agent in Arizona by Colorado-based consulting firm REAL Trends. His sales tally was $167.1 million in 2013.